Square Enix partners with Japanese gaming company Gumi to develop the metaverse

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Major game developer Square Enix and Japanese financial conglomerate SBI Holdings have invested in the new metaverse of mobile game developer Gumi.

Japanese company Gumi, specializing inmobile games, announced a business alliance with another game developer Square Enix and one of Japan's largest financial companies SBI Holdings. As part of the deal, Gumi will issue shares worth $53 million - SBI will receive 22.46% of the shares and become the largest holder, and Square Enix - 3.01%.

Gumi will use new investments for developmentmetaverse. The company said the funds will help it develop its products much faster. According to the press release, Gumi developers are actively working on their metaverse to make it a second major source of income besides mobile games.

SBI Holding acquired a cryptocurrency in MayBitpoint exchange for almost $100 million - it will serve as a platform on which Gumi will be able to place tokens of its future games. The company's management believes that placing tokens on international platforms is inconvenient for Japanese users. Square Enix will help Gumi in the development and development of the metaverse.

“The market for metaverses is expanding, andtechnology for them is constantly improving. Blockchain gaming will be popular in the future, and we want to leverage not only the technical advantages of our metaverse, but also the token sales and exchange platform for it,” the press release states.

Square Enix previously announced the game Symbiogenesis, its first cryptocurrency project since the company practically left traditional gaming. The project will be dedicated to NFTs.

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